House prices in the Algarve rose 4,9% during the first quarter of 2018, according to the price index of the idealistic real estate portal.
With this increase, the price of housing is situated at 1809 euros, per square meter (m2), with the Algarve being the second most expensive region in the country.
Faro follows the trend of the region and registers an increase of 5%, costing the price of 1677 euros per square meter. The biggest rise in prices was registered in Portimão (7,7%), followed by Silves (6,3%) and Lagoa (5,7%). The most expensive municipalities to buy a house are Loulé (2304 euros, per square meter) and Lagos (2052 euros, per square meter).
On the other hand, the cheapest are Olhão (1221 euros, per square meter), Silves (1391 euros, per square meter) and Vila Real de Santo António (1469 euros, per square meter).
Housing in Portugal increased by 3,8% during the same period, standing at €1754 per square meter.
All regions saw an increase in prices compared to the fourth quarter of 2017, with the exception of Alentejo, which showed a decrease of 4%. The regions with the most significant increases were Madeira (10,4%), the North (6%) and Lisbon (5,6%), followed by the Algarve with an increase of 4,9%. In the Center, the quarterly variation was only 0,2%.
Lisbon with 2482 euros/m2 is still the most expensive region, followed by the Algarve where it costs 1809 euros/m2 and Madeira (1493 euros/m2).
On the opposite side of the table is the Center (962 euros/m2), Alentejo (1.083 euros/m2) and the North (1.315 euros/m2), as the cheapest regions.
Compared to the fourth quarter of 2017, nine districts saw prices rise in the first quarter of this year. The biggest increases occurred in Madeira with an increase of 10,9%, followed by Porto (10,6%), Faro (4,9%) and Lisbon (4,5%). The districts that showed the biggest drop in house prices were Viseu (-5,8%), Vila Real (-5,2%) and Castelo Branco (-4,6%).
The ranking of the most expensive districts continues to be led by Lisbon (2923 euros/m2), followed by Faro (1809 euros/m2) and Porto (1522 euros/m2). The cheapest prices are in Portalegre (671 euros/m2), Castelo Branco (684 euros/m2) and Santarém where it costs 706 euros/m2.
During the first quarter of 2018, 10 district capitals saw an increase in their prices. Porto leads the rise among large cities with 8,1%, followed by Funchal (7,3%) and Setúbal with an increase of 5,5%. On the other hand, the city of Castelo Branco saw a drop in prices of 6%, followed by Viseu (-5,8%) and Vila Real with a drop of 4,2%.
Lisbon remains the district capital where it is more expensive to buy, costing 4213 euros/m2. Then comes Porto (2439 euros/m2) and Funchal (1761 euros/m2). On the other hand, the capitals with the cheapest prices are Castelo Branco (716 euros/m2), Santarém (738 euros/m2) and Portalegre (753 euros/m2).
For the realization of the idealista property price index, 62383 advertisements that were in the idealista database on March 29 were analyzed.
To ensure the accuracy of the data, properties with maladjusted prices in the market and properties with the “isolated houses” typology were excluded from the sample, as their presence in the study compromises the price in some areas. The idealista's real estate index is prepared with the sale prices in relation to the constructed square meters.
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